Abraxas Capital Short Sells and Reduces Holdings in ETH and other cryptocurrencies; Two Addresses Have Already Made a $18 Million Profit Today

BlockBeats News, October 16th, according to HyperInsight monitoring, in the past half hour, the ETH short positions of two addresses labeled as Abraxas Capital (0x5b5, 0x83) have been reduced by over 1870 coins, corresponding to a reduction in position value of about $7.5 million. At the same time, XPL shorts and PUMP shorts are also continuing to reduce their positions.

According to monitoring, the total holdings of Abraxas Capital's two addresses are approximately $760 million, with profits of over $245 million realized in the past 7 days and currently holding about $25 million in unrealized gains. Its main short positions are: about $260 million in BTC, about $290 million in ETH, and about $85 million in HYPE.

Of note, despite both addresses adopting a fully short strategy, there are differences in specific preferences: the main address heavily bets on mainstream coins to express a bearish view of the overall market, while the sub-address amplifies potential gains through a diversified portfolio of altcoins. Out of a total of 24 positions, only the ETH short of the main address is currently in a loss-making position.